Effective reporting is essential for client retention, but relationship managers are finding themselves stretched thin trying to keep up with client requests by using inefficient manual processes and poor-quality data.
The right technology can solve many of the problems managers face with reporting and data management. Clean, transparent data; automated reporting processes; and tailored client statements are all possible with the right solution.
Relationship managers revealed many of their common reporting challenges during a panel discussion on June 13, 2019, at TSAM New York (The Summit for Asset Management). Len Randazzo, Asset Management Principal at Clearwater Analytics, served as a panelist along with other industry peers.
The issues the panel discussed include:
Quality data is an essential component of good reporting, but many firms lack a system that provides what they need.
Many panelists and audience members said they need a system where data is transparent and accessible but accessibility remains a large problem. The data must also be clean, configurable, and have levels of sophistication.
Other important factors are the need for consolidated data in one location and the need for data to be integrated with reporting.
There is a movement to technology that can improve data quality and client reporting, and options available to solve the problems relationship managers face.
To get clients on board with changes, managers should employ training and clear communication. There should also be a marketing effort around the benefits of these changes and how it can enhance the client experience.
Getting a clear reporting strategy in place is an essential move to free up time for relationship managers to actually build relationships.